TAILIEUCHUNG - Guide to Investment Strategy by Peter Stanyer 2

(BQ) Part 2 book "Guide to investment strategy" has contents: Bonds, debt and credit; hedge funds - try to keep it simple, private equity - information-based returns; real estate. | 8 Bonds, debt and credit A nalysis of modern bonds can quickly become off-puttingly complicated. A useful starting point is an elementary review written by John Maynard Keynes in 1925 of a study comparing long-term returns from equities with those from bonds in the United States between 1866 and 1922. The study showed a substantial outperformance of equities over bonds in periods of both deflation and inflation. Keynes found this counterintuitive, his expectation being that a period of deflation would be better for bonds than equities. He suggested a number of reasons for the inferior performance of bonds: The asymmetrical threat of changes in the general price level. While bonds can be eroded by inflation without limit, the scope for the general level of prices to fall (which benefits bond holders, so long as bond issuers have the ability to repay these higher real values), is in practice more constrained. Although a bond may default, no bond ever pays more than the stipulated rate of interest. Company management always sides with equity investors rather than with bond holders and, “in particular, the management will avail themselves of their rights to repay bonds at dates most advantageous to the shareholders and most disadvantageous to the bondholders”. Retained earnings provide an element of compound growth, beyond the dividend yield that accrues to the benefit of the stockholder (while making existing obligations to creditors more secure). Such reasoning, supported by now much more extensive data, underlies the message of a number of advisers and academics that the natural habitat for genuinely long-term investors is the equity market. Or, as one notably successful equity investor expressed it, the natural role for the long-term investor is to be “the proprietor”. Nevertheless, almost all investors do, and indeed should, seek diversification away from equity risk. In Part 1 this was argued from the perspective of investing in government bonds. This chapter provides

• Ngân hàng - Tín dụng
• Guide to investment strategy
• Debt and credit
• Hedge funds
• Try to keep it simple
• Private equity
• Real estate
• Understand your behaviour
• Setting the scene
• Market investment returns
• Lifestyle investing
• Investor preferences
• Market investment
• time horizon
• investment strategies
• Financial planning
• Portfolio diversifi cation
• Real estate firms
• Pricing decisions for real estate
• Real estate firms in Vietnam
• Real estate enterprises
• Vietnam’s REEs
• Current market conditions
• investment risk
• investment experience
• real estate business
• real estate documents
• Real Estate Success
• Winning Sales Strategy
• Closing Listing Contracts
• Real Estate Agents
• FSBO Listings
• IFRIC Interpretation
• International Financial Reporting Interpretations Committee
• Construction of real estate
• IFRIC Interpretation 15
• Real estate industry
• Real estate finance
• Real estate finance and investments
• Financing project development
• Financing corporate real estate
• Risk analysis
• Financial leverage
• Working capital management
• Selected real estate companies
• Profitability of companies
• Asset price
• Portfolio management
• Real estate assets
• Risk measures of real estate
• real estate strategies
• materials properties
• real estate experience
• skills
• real esta
• business managemnent
• Economic policy uncertainty
• Real estate development
• Real option theory
• Real estate development in China
• Impact of economic policy uncertainty
• property prices
• investment markets
• real estate brokerage
• land transactions
• skills brokerage
• land planning
• real estate broker
• Real Estate Attorney
• Real Estate Agent
• Mortgage Broker
• Real Estate Expert
• Additional Resources
• Financial markets
• Lecture Financial markets
• Economics 252
• Limited partnership structure
• Real estate investment trusts
• Real estate principles
• Listing contracts
• Contracts for sale and closing
• Mortgage calculations
• Commercial mortgage types
• Fixed interest rate mortgage loans
• Investment analysis
• Income properties
• Financing residential properties
• Supply chain finance
• Real estate firm
• Impact of financial development
• Generalized method of moment
• Real estate and the supply of land
• Supply of land
• Coping with changes in demand
• Market efficiency
• Property market
• how to use this book
• history of financing
• property management
• the money market
• real estate transactions
• brokerage skills
• housing
• Artificial intelligent
• Real estate appraisal
• Real estate software
• Automated pricing software
• The 4th industrial revolution
• Vietnamese market
• estate professionals
• keynote speaker
• Composite Natural Material
• Wood Polymer Composites
• Engineered Membranes
• Transporters
• Summary of Economics PhD’s thesis
• Summary of Finance – Banking PhD’s thesis
• Relationship between financial development
• Real estate market in Vietnam
• Estate market
• real estate brokers